GBP/NZD 4H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As GBP/NZD was unable to ascend beyond 2.0444 on Jan 31, the market started pushing the Sterling down. Eventually this resulted in formation of the falling wedge pattern, since the trading range has been steadily narrowing. Accordingly, we should be ready for a sharp reversal of the bearish trend, once the upper boundary of the pattern (currently at 1.9471) is breached. However, there is also a potentially significant supply area near 1.9575 (200-period SMA), which also needs to be overcome in order for GBP/NZD to confirm its long-term bullish intentions. Otherwise there will be a possibility for a downward-sloping channel to emerge. 

© Dukascopy Bank SA
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